Fortune magazine’s recent cover story on Gen Y is fair notice: There are a lot of them and more are coming!

And many are coming into the world of PR.

GenY, estimated by recent census data at 70+ million, isn’t just the future of business, they’re here today forcing companies to adapt to their unique set of values and priorities.

They are bright, well educated, self-confident, opinionated, plugged-in and unwilling to play by yesterday’s rules.

Sure, they’re occasionally called arrogant, aggressive and unwilling to work their way up.  But they really have the potential to transform and enhance most businesses.  They just need to be understood, respected and heard.

Here’s what they seem to want:

Intellectual Challenges: You won’t attract a member of GenY, much less retain one, with a job that doesn’t offer a serious challenge.  They value learning.  Challenge them and expect them to deliver.  More often than not, they will.

Responsibility & Feedback: As the corporate world increasingly depends upon technology and various functions rely on the internet to capitalize on the public’s trust in “someone like myself,” according to Edelman’s Trust Barometer, this generation can boost the bottom line.

And, don’t forget to tell your GenY staffers how they’re doing.  This generation isn’t just looking to get the job done. They’re looking to get it done right and faster than you expected. They just need to know you’ve noticed their work and what you think about it.

Compensation and Professional Development: The Internet has provided a practically infinite list of benefits to companies, but it’s also given job seekers access to more salary information. So when GenY starts talking salary they already know what they’re worth. They simply want to be fairly compensated for the work they’re doing (not the job title two steps below their duties) and to be groomed for the future.

World-class professional development is a must to attract and retain the best and the brightest.  But there’s more.  Consider a career enhancement program in which junior staffers are given value-added tasks that help further the organization’s goals and help them grow as professionals.

Schedule Flexibility: GenYers don’t understand why work done at their desks at 3pm is more valuable than work done at their homes at 9pm.  Do you? Let productivity and performance become your metrics, not hours at the office.  Not only will your GenYers be more productive, you’ll have a happier office.

Businesses succeed or fail based on their ability to evolve.

Corporate America must evolve to meet the GenY-fueled changes to the workforce.  Stay ahead of the curve and embrace your GenY employees.  They’ll make you proud.

Bob Feldman is chief executive and managing partner of Feldman & Partners a management consulting firm helping companies maximize ROI in the communications function through strategy and organizational design.

©2008 Feldman & Partners